Retail consumers today want to make informed decisions about their purchase. In addition, the increased product assortments and channels make managing product information in traditional systems such as spread sheets, PDF, ERP etc. a daunting task. Consumer experience is a critical aspect for the retail industry to gain and retain customer loyalty.
To enhance consumer experience, the product information throughout the consumer journey and across channels should be complete, accurate, relevant, engaging, and consistent. Variation in content across different marketplaces for the same product, content quality issues, inconsistent formats, and missing attributes negatively influence a consumer’s purchase journey, thereby affecting brand image and customer loyalty. Hence, ‘product information management’ (PIM) has become integral to an elevated consumer experience across channels.
What is PIM?
Product information management is a process of collecting, curating, enriching, quality checking, and managing all product data required to publish, promote, and sell products across channels. The combination of appropriate service layers and platforms enables efficient product information management.
How does PIM work?
PIM creates a centralized repository forming a single source of truth which enables creation and distribution of product catalogue across different ecommerce and sales channels. Product categorization based on various attributes, hierarchies and business rules can be automated through this single source of truth.
Categorization on the basis of product line, product category, product size, and product color enables configuring the PIM tool to automatically classify a product into multiple hierarchies and represent them in appropriate nodes of the hierarchy along with reprenting relationships across these hierarchies through business rules. This can greatly help product managers as well as consumers.